The Narcotics Control Bureau(NCB) Mumbai wing has recently arrested Makarand Pardeep Advirkar alias ‘Cryptoking’ in Mumbai on Tuesday, charged for buying LSD on the Dark Web using cryptocurrency in November 2020.
WazirX rejected the claim that the suspected dealer utilized their platform, but the agency has stated that it is investigating the matter.
“During interrogation, the accused claimed that he used various cryptocurrency exchanges for his business. One of the platforms he named in his statement is WazirX. We have written to them and they have given their clarification. The probe is underway and once there is more clarity on the flow of money, we will seek more information from the said exchange if need be,” a senior NCB official said.
A spokesperson from WazirX said in a statement, “On June 11, 2021, WazirX received an email from the NCB enquiring about the said accused and his trading activity on WazirX. Upon checking our records, we identified that the accused is not a WazirX user, and we communicated the same to the authorities on June 12, 2021.”
A week before WazirX was asked to justify the translation which was worth Rs 2,790.74 crore to (ED) Enforcement Directorate, it was said to be violating foreign exchange laws. According to the exchange, it has not received any notice from the ED as of Friday.
WazirX also reaffirmed its commitment to adhering to know your customer and anti-money laundering regulations in its statement. “We perform stringent KYC verification of every user to verify their identity as well as a secondary KYC verification through linked bank accounts before allowing a customer to transact on WazirX,” it said.